News
Lloyd’s among insurers affected by New York plane crash
November 12, 2001 by Canadian UnderwriterJust as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday…
Kingsway reports record results in Q3
November 9, 2001 by Canadian UnderwriterSpecialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of…
Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite
November 7, 2001 by Canadian UnderwriterNew York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income…
Fairfax 3-Q performance shows widening loss spiral
November 7, 2001 by Canadian UnderwriterToronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates…
ISO puts insured property losses from September 11 at US$16.6 billion
November 6, 2001 by Canadian UnderwriterTotal insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…
Alea Group receives US$100 million to boost capital reserves
November 5, 2001 by Canadian UnderwriterSwitzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR,…
White Mountains latest to form new reinsurance operation
November 2, 2001 by Canadian UnderwriterNew Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market,…
U.S. government at odds on insurance package
November 2, 2001 by Canadian UnderwriterA deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…
Terrorist attacks evident in Q3 insurer results
November 1, 2001 by Canadian UnderwriterWith insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result…
IBC responds to Ontario’s revised auto insurance proposal
October 31, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…
World Cup scores new insurance deal
October 30, 2001 by Canadian UnderwriterFIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one…
Industry poised for success in 2002, says S&P
October 30, 2001 by Canadian UnderwriterA new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the…